Startups, micro and small businesses facing challengesStarting and running a profitable/ successful business is not easy, whether a for-profit business, social business or not-for-profit business. However, the reward is a tremendously fruitful experience along the way. The possibility of the impact you set to bring to the world is only beyond your imagination and capability to turn it into a reality.
While difficulties and frustrations are common and they are true enablers of your success, risks of fatal failures in business can be greatly reduced if you are mindful of your business, and your capability, as well as obtain the right business partners sharing the same value across your various business activities and business alliance.
We have learned from our experiences working with our global partners what challenges a startup or SME faces in their business. Those identified problems are grouped into four domains as below. Take a look at the list and see if you are encountering any of them,
Nature of Business related:
Solution
If any of your checked challenges fall into this category, it is time for you to revisit the root of your business. It is time to ask yourself questions such as “WHY are you doing what you are doing?”, “WHO are you trying to help?”, “WHAT doesn’t work and what is your solution?”, “HOW you can help?” and “why is it YOU who can make it happen?” Every business needs its founders/ owners to be energised by their intrinsic drive to take their business off ground. It is only when a vision is clear to everyone in the company, that the translation from Vision to a business plan (create value, deliver value and capture value) and business strategies that bring the plan to action can be successful.
The elements of Intrinsic drive, vision statement, business plan, business model, business strategies need to be inlined. They won’t work if they don’t.
This is a fundamental step even though it is very often being ignored and overlooked by the founders/ owners. In the business world, if you don’t get this step right, the challenges will keep coming back just like the out-of-oil indicator on your driver’s panel. If you keep ignoring it, the car runs out of oil, and an unfortunate outcome is expected.
But it is avoidable.
In PWI, our free Partner Consulting Program led by our founder, Mr Drake Wu, who is also a business consultant and coach offers an initial consultation to quickly spot possible misalignments and assist in the exploration of how to fix them.
Book a slot now to claim your free consultation
While difficulties and frustrations are common and they are true enablers of your success, risks of fatal failures in business can be greatly reduced if you are mindful of your business, and your capability, as well as obtain the right business partners sharing the same value across your various business activities and business alliance.
We have learned from our experiences working with our global partners what challenges a startup or SME faces in their business. Those identified problems are grouped into four domains as below. Take a look at the list and see if you are encountering any of them,
Nature of Business related:
- Failure of your business’s value proposition
- Flawed business model and business plan
- Lack of demand for your products
- Fail to find a solution for the needs of your customers
- Losing out on your competitive advantage
- Ineffective marketing
- Fail to increase brand awareness
- Fail to attract new customers
- Product pricing/ cost issues
- Poor product
- Pivot got bad
- Lack of mentorship
- Burnout, lack of passion
- Forward-planning is difficult, including company long-term vs short-term goals
- How to take your business to the next level
- Lacking creativity
- Fail to change customer behaviour
Solution
If any of your checked challenges fall into this category, it is time for you to revisit the root of your business. It is time to ask yourself questions such as “WHY are you doing what you are doing?”, “WHO are you trying to help?”, “WHAT doesn’t work and what is your solution?”, “HOW you can help?” and “why is it YOU who can make it happen?” Every business needs its founders/ owners to be energised by their intrinsic drive to take their business off ground. It is only when a vision is clear to everyone in the company, that the translation from Vision to a business plan (create value, deliver value and capture value) and business strategies that bring the plan to action can be successful.
The elements of Intrinsic drive, vision statement, business plan, business model, business strategies need to be inlined. They won’t work if they don’t.
This is a fundamental step even though it is very often being ignored and overlooked by the founders/ owners. In the business world, if you don’t get this step right, the challenges will keep coming back just like the out-of-oil indicator on your driver’s panel. If you keep ignoring it, the car runs out of oil, and an unfortunate outcome is expected.
But it is avoidable.
In PWI, our free Partner Consulting Program led by our founder, Mr Drake Wu, who is also a business consultant and coach offers an initial consultation to quickly spot possible misalignments and assist in the exploration of how to fix them.
Book a slot now to claim your free consultation